Halifax Real Estate Market Update

How has the real estate market in Halifax performed in the last two months? With all the doom and gloom in the financial sector of the news lately I figured it would be a good time to look at the HRM real estate market as a whole compared to the previous year.

Halifax Real Estate market update for all areas of HRM for October, November 2008. Based on MLS stats for single family homes, condominiums and new construction.

As you can see from these numbers the market is definitely softening over the last two months. Sales are down by 30% over last years numbers. Albeit last year was a record for sales but this is still a significant decline. The silver lining I guess is that price continues to increase. The average price has increased by 5.6%. Days on market has also increased by 3 days which is not too significant.

Right now we are seeing a buyers market in the Halifax Real Estate market. There is a lot of inventory out there and not a lot of buyers. Homes are sitting on the market for a long time. If you are looking to buy real estate in Halifax now is as good a time as any. There are deals to be had.

If you would like more info on market stats in your area, send me an email or call 902-488-0012. I would be more than happy to answer any questions you may have pertaining to real estate in Halifax, Dartmouth and surrounding areas. In the coming weeks I am going to be looking at HRM by design and new condo projects coming on board, so stay tuned for that.

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